Baker McKenzie has assisted Claranova (formerly Avanquest) in the reclassification of its “software” unit in seven jurisdictions. Historically composed of numerous successive acquisitions in different jurisdictions, the Group has reclassified its “software” assets and activities in France, the United Kingdom, Canada, Germany, Spain, and China in a new entity. 

Simultaneously, Claranova has finalized the entry of industrial investors in its US subsidiary PlanetArt, which is a global leader in the mobile-to-print channel. The initial fund raising of 13.2 million dollars could rise to 17.4 million dollars, bringing PlanetArt’s post-money valuation to more than 225 million dollars. 

This fundraising gives PlanetArt the ability to accelerate its development and reinforce its position as the leader in mobile-to-print solutions. 

As a global Internet and mobile player, Claranova stands amongst few French technology firms with a turnover of more than 100 million euros, of which more than 50% is generated in the US. Driven by its President Pierre Cesarini, Claranova has reoriented its strategy to focus on three key activities – digital creation and printing through its new division PlanetArt, Internet of Things management, and development through its subsidiary myDevices, as well as e-commerce software development and marketing through its division Avanquest Software. 

PlanetArt LLC is a successful network of personalized product websites and apps, including the smartphone application FreePrints – the least expensive and most simple mobile-to-print solution in the world. FreePrints has already acquired more than 5 million customers on Android and iOS. This figure has been growing constantly since the launch of the app. 

The team of Baker McKenzie was led, in France, by Matthieu Grollemund, Partner, assisted by Hélène Parent and Raphaël Sendowski, Associates, in Corporate M&A, and Guillaume Le Camus, Partner, assisted by Charles Baudoin, Associate, in Tax. In the United States, the team was composed of Michael Fieweger and Regine Corrado, Partners, assisted by Ying Deng, Omar Iqbal, and Jimmie Covington, Associates, in Corporate & Securities, and Steven Schneider, Partner, assisted by Samuel Grilli, Associate, in Tax. 

In the context of the fundraising, the industrial investors were advised, in Paris, by Reinhart Marville Torre with Laurent Cavallier, Partner, and, in Los Angeles, by the office Bryan Cave.
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